HighTower Advisors LLC Trims Stock Position in Atkore Inc. (NYSE:ATKR)

HighTower Advisors LLC reduced its stake in Atkore Inc. (NYSE:ATKR) by 54.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,739 shares of the company’s stock after selling 15,503 shares during the quarter. HighTower Advisors LLC’s holdings in Atkore were worth $1,077,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its position in Atkore by 26.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,234,350 shares of the company’s stock worth $104,599,000 after purchasing an additional 261,234 shares during the period. American Century Companies Inc. grew its holdings in Atkore by 22.9% during the second quarter. American Century Companies Inc. now owns 773,697 shares of the company’s stock worth $104,395,000 after acquiring an additional 144,283 shares during the period. Royce & Associates LP raised its position in Atkore by 20.2% in the third quarter. Royce & Associates LP now owns 396,054 shares of the company’s stock worth $33,562,000 after acquiring an additional 66,533 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in Atkore by 5.4% in the second quarter. William Blair Investment Management LLC now owns 395,388 shares of the company’s stock valued at $53,350,000 after acquiring an additional 20,229 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Atkore by 23.5% during the 2nd quarter. Principal Financial Group Inc. now owns 336,835 shares of the company’s stock worth $45,449,000 after purchasing an additional 64,050 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ATKR. Loop Capital cut their price target on shares of Atkore from $130.00 to $115.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 target price (up from $93.00) on shares of Atkore in a report on Wednesday, December 4th. B. Riley lowered Atkore from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $84.00 in a research note on Friday, November 22nd. KeyCorp dropped their price objective on Atkore from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, September 13th. Finally, Roth Mkm assumed coverage on Atkore in a report on Tuesday. They set a “buy” rating and a $100.00 price objective for the company. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $115.67.

Insider Transactions at Atkore

In other Atkore news, insider Mark F. Lamps sold 500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $96.55, for a total value of $48,275.00. Following the transaction, the insider now directly owns 27,626 shares of the company’s stock, valued at $2,667,290.30. This represents a 1.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeri L. Isbell sold 3,353 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $94.03, for a total value of $315,282.59. Following the transaction, the director now owns 25,585 shares of the company’s stock, valued at approximately $2,405,757.55. This trade represents a 11.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,924 shares of company stock valued at $1,614,975. Corporate insiders own 2.56% of the company’s stock.

Atkore Stock Performance

Shares of ATKR stock opened at $85.25 on Wednesday. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 6.70 and a beta of 2.10. The company has a 50 day moving average price of $89.61 and a 200 day moving average price of $105.54. Atkore Inc. has a one year low of $76.01 and a one year high of $194.98. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.96 and a current ratio of 2.98.

Atkore (NYSE:ATKR) last posted its earnings results on Thursday, November 21st. The company reported $2.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.06). Atkore had a return on equity of 32.14% and a net margin of 14.77%. The business had revenue of $788.30 million for the quarter, compared to analyst estimates of $749.49 million. During the same period last year, the company posted $3.63 EPS. The firm’s revenue for the quarter was down 9.4% compared to the same quarter last year. Sell-side analysts anticipate that Atkore Inc. will post 6.69 EPS for the current year.

Atkore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, December 6th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.50%. Atkore’s dividend payout ratio is currently 10.13%.

Atkore Company Profile

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.